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Kow Essuman summarises arbitration award in ENI & Vitol arbitration

Local News

8 days ago
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Kow Essuman, a prominent legal counsel to President Akufo-Addo, has provided a comprehensive summary of the arbitration award in the high-profile case involving ENI and Vitol.

The arbitration, which has drawn significant attention in the energy sector, concluded with a detailed award that has implications for both parties and the broader industry.

However, Mr Essuman in a post on X on Tuesday, July 9, explained that the arbitration centered around a contractual dispute between  Eni & Vitol versus Ghana and Ghana National Petroleum Corporation (GNPC).

He thus criticised those who attempt to downplay the efforts of Attorney-General and Minister for Justice, Godfred Yeboah Dame, in this regard.

"There was one Award issued in the arbitration. The seemingly strenuous efforts by certain persons to write their own arbitration award is most unfortunate."

"In the Award, the Tribunal dismissed this damages claim in full, agreeing with Ghana’s argument that each component of Claimants’ damages claim is 'grounded on unsubstantiated assumptions' and unfounded events," he posted.

The International Arbitration Tribunal has issued its final award in the Eni & Vitol versus Ghana and Ghana National Petroleum Corporation (GNPC) case, delivering a favourable outcome for Ghana.

The Tribunal denied Eni and Vitol their monetary damages, which initially stood at $7 billion but were later reduced to $915 million plus interest by the end of the proceedings.

All claims against the GNPC were dismissed entirely.

Additionally, the Tribunal rejected the Claimants’ request to declare that Ghana breached the Petroleum Agreement by “refusing to withdraw or prevent reliance by third parties on the Unitisation Directives.”

The Tribunal also dismissed the Claimants’ request for Ghana to notify the High Court, Court of Appeal, and Supreme Court of Ghana that the Unitisation Directives were issued in breach of the Petroleum Agreement.

source: Theannouncergh.com